KARACHI: The Karachi Cotton Association (KCA) failed to issue cotton spot rates for the fifth consecutive day on Friday as the historic Karachi Cotton Exchange (KCE) building remained sealed, with no alternative arrangement put in place.

The building, which has housed the exchange since 1936, was sealed last Friday by the Evacuee Property Trust Board (ETPB) with the assistance of the Federal Investigation Agency (FIA).

A former KCA office-bearer told Dawn that the ETPB had not held any talks with the association and that the current status of the building remained unclear. Attempts to contact KCA Chairman Khwaja Zubair were unsuccessful as his mobile phone remained switched off, while other office-bearers said they were unaware of any progress.

“We have only been allowed to enter the premises briefly to collect essential documents and items such as laptops from our offices,” said a former office-bearer.

Exporters, importers and cotton brokers have a total of 152 offices in the KCE building, all of which remain closed.

“The ETPB may seize the KCA office or acquire the building, but closing our offices is unfair,” said a cotton broker associated with the exchange for more than 40 years.

Brokers pointed out that the KCA has not been banned and could still issue spot rates from an alternative location. “The chairman can issue spot rates from his other offices,” a broker said.

Published in Dawn, December 20th, 2025